| Exelis Inc. | ||||||||||
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Consolidated Consolidated Balance Sheets |
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| (unaudited) | ||||||||||
| (IN MILLIONS) | March 31, | December 31, | ||||||||
| 2013 | 2012 | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 185 | $ | 292 | ||||||
| Receivables, net | 1,022 | 995 | ||||||||
| Inventories, net | 301 | 283 | ||||||||
| Deferred tax asset | 68 | 85 | ||||||||
| Other current assets | 62 | 58 | ||||||||
| Total current assets | 1,638 | 1,713 | ||||||||
| Plant, property and equipment, net | 509 | 512 | ||||||||
| Goodwill | 2,188 | 2,180 | ||||||||
| Other intangible assets, net | 184 | 184 | ||||||||
| Deferred tax asset | 543 | 556 | ||||||||
| Other non-current assets | 66 | 67 | ||||||||
| Total non-current assets | 3,490 | 3,499 | ||||||||
| Total assets |
$ |
5,128 | $ | 5,212 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable |
$ |
368 |
$ |
444 | ||||||
| Advance payments and billings in excess of costs | 327 | 322 | ||||||||
| Compensation and other employee benefits | 177 | 246 | ||||||||
| Other accrued liabilities | 265 | 203 | ||||||||
| Total current liabilities | 1,137 | 1,215 | ||||||||
| Defined benefit plans | 2,160 | 2,203 | ||||||||
| Long-term debt | 649 | 649 | ||||||||
| Deferred tax liability | 3 | 1 | ||||||||
| Other non-current liabilities | 127 | 128 | ||||||||
| Total non-current liabilities | 2,939 | 2,981 | ||||||||
| Total liabilities | 4,076 | 4,196 | ||||||||
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Commitments and contingencies |
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| Shareholders' equity | ||||||||||
| Common stock | 2 | 2 | ||||||||
| Additional paid-in capital | 2,578 | 2,575 | ||||||||
| Retained earnings | 298 | 274 | ||||||||
|
Accumulated other comprehensive loss |
(1,826 | ) | (1,835 | ) | ||||||
| Total shareholders' equity | 1,052 | 1,016 | ||||||||
| Total liabilities and shareholders' equity | $ | 5,128 | $ | 5,212 | ||||||
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Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast
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